Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/01/19

Bitcoin Cash – ABC – Holds On

Bitcoin Cash ABC rose by 4.04% on Wednesday, following on from a 9.7% rally on Tuesday, to end the day at $169.9.

A late in the day intraday high $172.99 saw Bitcoin Cash ABC break through the first major resistance level at $168.84, with Bitcoin Cash ABC managing to break out from the 38.2% FIB Retracement Level of $163 that had been pinning Bitcoin Cash ABC back from a move through to $170 levels.

A mid-morning intraday low $159.70 was as bad as it got for the day, Bitcoin Cash ABC steering clear of the first major support level at $151.94 ahead of the afternoon rally.

At the time of writing, Bitcoin Cash ABC was up 0.76% to $171.19, with Bitcoin Cash ABC falling from a start of a day morning high $174.70 to a morning low $167.94 before recovering to $170 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, holding onto $170 levels through the morning would support another run at the first major resistance level at $175.36, with continued support from the broader market needed for Bitcoin Cash ABC to take a run at $180 levels and the day’s second major resistance level at $180.82.

Failure to hold onto $170 levels could see Bitcoin Cash ABC pullback through the morning low $167.94 to bring the day’s first major support level at $162.07 into play before any recovery, sub-$160 levels unlikely to be in play on the day.

Litecoin Back in the Red

Litecoin gained 3.98% on Wednesday, following on from a 6.38% gain on Tuesday, to end the day at $32.94.

A range bound start to the day saw Litecoin ease back to a late morning intraday low $31.33, steering well clear of the day’s first major support level at $29.87.

Upward momentum through the rest of the day saw Litecoin break through the first major resistance level at $32.72 to strike an intraday high $33.64 before easing back to $32 levels, the second major resistance level at $33.77 holding Litecoin back from more upside, with a second consecutive day in the green reversing New Year Day’s 5.64% slide.

At the time of writing, Litecoin was down 0.61% to $32.74, with moves through the early morning seeing Litecoin fall from a morning high $33.10 to a low S32.51 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $32.70 levels would support another move through to $33 levels to bring the day’s first major resistance level at $33.94 into play, while Litecoin will likely fall short of the second major resistance level at $34.95, with Wednesday’s high $33.64 likely to pin back any breakout from the first major resistance level.

Failure to hold onto $32.70 levels could see Litecoin fall back through the morning low $32.51 to bring $31 levels and the first major support level at $31.63 into play before any recovery, sub-$31 support levels unlikely to be tested barring a broad based crypo meltdown later in the day.

Ripple Hits Reverse

Ripple’s XRP rose by 2.55% on Wednesday, following on from a 4.4% gain on Tuesday, to end the day at $0.38683.

A bearish start to the day saw Ripple’s XRP pullback to a late morning intraday low $0.36967 before finding support through the rest of the day, Ripple’s XRP managing to hold above the first major support level at $0.3642.

The recovery saw Ripple’s XRP break through the first major resistance level at $0.3838 to an intraday high $0.39306, testing the day’s second major resistance level at $0.3904 before easing back to $0.38 levels.

At the time of writing, Ripple’s XRP was down 1.37% to $0.38154, Ripple’s XRP falling from a start of a day morning high $0.3876 to a morning low $0.3789 before recovering to $0.38 levels, the major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.3840 levels would support a run at $0.39 levels to bring the first major resistance level at $0.3967 into play before any pullback, $0.40 levels and the second major resistance level at $0.3967 unlikely to be in play barring a material shift in sentiment across the broader market.

Failure to move back through to $0.384 levels by the early afternoon could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.3789 bringing the first major support level at $0.3733 and $0.36 levels into play before any recovery, the second major support level at $0.3598 unlikely to be in play through the day.

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